TD Bank 2003 Annual Report Download - page 58

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For the years ended October 31
(millions of dollars) 2003 2002 2001
Interest income
Loans $ 7,542 $ 7,796 $10,154
Securities
Dividends 721 595 540
Interest 2,727 3,083 3,386
Deposits with banks 212 132 191
11,202 11,606 14,271
Interest expense
Deposits 4,202 4,754 8,077
Subordinated notes and debentures 259 201 304
Other obligations 1,125 1,351 1,499
5,586 6,306 9,880
Net interest income 5,616 5,300 4,391
Provision for credit losses (Note 3) 186 2,925 920
Net interest income after credit loss provision 5,430 2,375 3,471
Other income
Investment and securities services 2,132 2,085 2,205
Credit fees 415 415 425
Net investment securities gains 23 26 216
Trading income 104 529 1,318
Service charges 641 596 561
Loan securitizations (Note 4) 250 218 272
Card services 252 249 249
Insurance, net of claims 420 375 326
Trust fees 70 76 86
Gains on sale of investment real estate (Note 22) –– 350
Gain on sale of mutual fund record keeping and custody
business (Note 22) –40 –
Write down of investment in joint ventures (39) ––
Other 156 320 439
4,424 4,929 6,447
Net interest and other income 9,854 7,304 9,918
Non-interest expenses
Salaries and employee benefits (Note 14) 3,758 3,566 3,708
Occupancy including depreciation 656 605 592
Equipment including depreciation 650 661 656
Amortization of intangible assets (Note 5) 772 998 1,292
Amortization of goodwill (Note 5) –– 198
Goodwill impairment (Note 5) 624 ––
Restructuring costs (Note 23) 92 – 239
Other 1,812 1,922 1,969
8,364 7,752 8,654
Income (loss) before provision for (benefit of) income taxes 1,490 (448) 1,264
Provision for (benefit of) income taxes (Note 15) 322 (445) (206)
Income (loss) before non-controlling interest in subsidiaries 1,168 (3) 1,470
Non-controlling interest in net income of subsidiaries 92 64 78
Net income (loss) 1,076 (67) 1,392
Preferred dividends (Note 12) 87 93 92
Net income (loss) applicable to common shares $ 989 $ (160) $ 1,300
Average number of common shares outstanding (millions) (Note 24)
– basic 649.8 641.0 627.0
– diluted 653.9 646.9 635.5
Earnings (loss) per common share (Note 24)
– basic $1.52 $ (.25) $ 2.07
– diluted 1.51 (.25) 2.05
See Notes to Consolidated Financial Statements
TD BANK FINANCIAL GROUP ANNUAL REPORT 2003 • Financial Results56
Consolidated Statement of Operations